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MPC votes to hold base rate and QE

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The Bank of England’s Monetary Policy Committee has again voted to keep the base rate at 0.5 per cent with quantitative easing remaining at £375bn.

Base rate has remained at current levels since March 2009 when the MPC first voted to cut rates to record-lows in a bid to help stimulate the economy. On the same day the MPC launched its programme of quantitative easing. 

The quantitative easing programme was increased by £50bn to £375bn in July 2012 though the committee has voted in factions since then with some members, including former governor Mervyn King, voting in favour of a further increase to the programme.

However, at last month’s MPC meeting – new governor Mark Carney’s first – the MPC voted unanimously to hold quantitative easing at £375bn and base rate at 0.5 per cent.

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